1. The preparation of the general journal entries for Halogen Laminated Products Company's January transactions is as follows:
<h3>General Journal Entries:</h3>
Jan. 1 Debit Cash $109,000
Credit Common Stock $109,000
Jan. 2 Debit Inventory $44,000
Credit Accounts Payable $44,000
Jan. 4 Debit Prepaid Insurance $3,480
Credit Cash $3,480
Jan. 10 Debit Accounts Receivable $12,900
Credit Sales Revenue $12,900
Debit Cost of goods sold $7,900
Credit Inventory $7,900
Jan. 15 Debit Cash $39,000
Credit Bank Payable $39,000
Principal and interest at 10% is to be repaid in six months.
Jan. 20 Debit Salaries Expense $6,900
Credit Cash $6,900
Jan. 22 Debit Cash $10,900
Credit Sales Revenue $10,900
Debit Cost of goods sold $6,900
Credit Inventory $6,900
Jan. 24 Debit Accounts Payable $15,900
Credit Cash $15,900
Jan. 26 Debit Cash $6,450
Credit Accounts Receivable $6,450
Jan. 28 Debit Utility Expense $1,000
Credit Cash $1,000
Jan. 30 Debit Prepaid Rent $2,450
Debit Rent Expense $2,450
Creditit Cash $4,900
<h3>2. T-Accounts:</h3>
<h3>Cash Account</h3>
Date Account Titles Debit Credit
Jan. 1 Common Stock $109,000
Jan. 4 Prepaid Insurance $3,480
Jan. 15 Bank Payable $39,000
Jan. 20 Salaries Expense $6,900
Jan. 22 Sales Revenue $10,900
Jan. 24 Accounts Payable $15,900
Jan. 26 Accts. Receivable $6,450
Jan. 28 Utility Expense $1,000
Jan. 30 Prepaid Rent $2,450
Jan. 30 Rent Expense $2,450
Jan. 30 Balance $133,170
Totals $165,350 $165,350
<h3>Inventory</h3>
Date Account Titles Debit Credit
Jan. 2 Accounts Payable $44,000
Jan. 10 Cost of goods sold $7,900
Jan. 22 Cost of goods sold $6,900
Jan. 30 Balance $29,200
Totals $44,000 $44,000
<h3>Prepaid Insurance</h3>
Date Account Titles Debit Credit
Jan. 4 Cash $3,480
<h3>Prepaid Rent</h3>
Date Account Titles Debit Credit
Jan. 30 Cash $2,450
<h3>Accounts Receivable</h3>
Date Account Titles Debit Credit
Jan. 10 Sales Revenue $12,900
Jan. 26 Cash $6,450
Jan. 30 Balance $6,450
Total $6,450 $6,450
<h3>Common Stock</h3>
Date Account Titles Debit Credit
Jan. 1 Cash $109,000
<h3>Accounts Payable</h3>
Date Account Titles Debit Credit
Jan. 2 Inventory $44,000
Jan. 24 Cash $15,900
Jan. 30 Balance $28,100
Total $44,000 $44,000
<h3>Bank Payable</h3>
Date Account Titles Debit Credit
Jan. 15 Cash $39,000
<h3>Sales Revenue</h3>
Date Account Titles Debit Credit
Jan. 10 Accounts Receivable $12,900
Jan. 22 Cash $10,900
Jan. 30 Balance $23,800
Total $23,800 $23,800
<h3>Cost of goods sold</h3>
Date Account Titles Debit Credit
Jan. 10 Inventory $7,900
Jan. 22 Inventory $6,900
Jan. 30 Balance $14,800
Total $14,800 $14,800
<h3>Salaries Expense</h3>
Date Account Titles Debit Credit
Jan. 20 Cash $6,900
<h3>Utilities Expense</h3>
Date Account Titles Debit Credit
Jan. 28 Cash $1,000
<h3>Rent Expense</h3>
Date Account Titles Debit Credit
Jan. 30 Cash $2,450
<h3>3. Unadjusted Trial Balance</h3>
As of January 30, 2021:
Account Titles Debit Credit
Cash $133,170
Inventory 29,200
Prepaid Insurance 3,480
Prepaid Rent 2,450
Accounts Receivable 6,450
Common Stock $109,000
Accounts Payable 28,100
Bank Payable 39,000
Sales Revenue 23,800
Cost of goods sold 14,800
Salaries Expense 6,900
Utilities Expense 1,000
Rent Expense 2,450
Totals $199,900 $199,900
<h3>Transactions Analysis:</h3>
Jan. 1 Cash $109,000 Common Stock $109,000
Jan. 2 Inventory $44,000 Accounts Payable $44,000
Jan. 4 Prepaid Insurance $3,480 Cash $3,480
Jan. 10 Accounts Receivable $12,900 Sales Revenue $12,900
Cost of goods sold $7,900 Inventory $7,900
Jan. 15 Cash $39,000 Bank Payable $39,000
Principal and interest at 10% is to be repaid in six months.
Jan. 20 Salaries Expense $6,900 Cash $6,900
Jan. 22 Cash $10,900 Sales Revenue $10,900
Cost of goods sold $6,900 Inventory $6,900
Jan. 24 Accounts Payable $15,900 Cash $15,900
Jan. 26 Cash $6,450 Accounts Receivable $6,450
Jan. 28 Utility $1,000 Cash $1,000
Jan. 30 Prepaid Rent $2,450 Rent Expense $2,450 Cash $4,900
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